Entropy Technologies LP Invests $869,000 in SiTime Corporation $SITM

Key Points

• Entropy Technologies acquired 2,515 SiTime shares worth approximately $869,000 during the first quarter. Institutional investors collectively own 84.31% of the company.
• SiTime reported strong quarterly results, with earnings of $1.44 per share versus the $1.14 consensus estimate and revenue up 88.3% year over year to $113.57 million.
• The stock opened at $491.10 after a 6% decline, while analysts maintained a “Moderate Buy” consensus and an average price target of $661.88. However, insiders sold $50.2 million in shares over the past three months.

Entropy Technologies LP acquired a new stake in shares of SiTime Corporation (NASDAQ:SITM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 2,515 shares of the company's stock, valued at approximately $869,000.

A number of other hedge funds also recently made changes to their positions in SITM. Rakuten Securities Inc. raised its position in SiTime by 188.5% during the fourth quarter. Rakuten Securities Inc. now owns 75 shares of the company's stock valued at $26,000 after purchasing an additional 49 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of SiTime by 26.2% during the 1st quarter. Parallel Advisors LLC now owns 77 shares of the company's stock valued at $27,000 after buying an additional 16 shares in the last quarter. Larson Financial Group LLC raised its holdings in shares of SiTime by 3,200.0% during the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company's stock valued at $30,000 after buying an additional 96 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in SiTime in the 4th quarter worth approximately $33,000. Finally, Danske Bank A S bought a new position in SiTime during the fourth quarter valued at approximately $35,000. 84.31% of the stock is owned by institutional investors.

Insider Buying and Selling at SiTime

In other SiTime news, insider Fariborz Assaderaghi sold 1,709 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $731.49, for a total value of $1,250,116.41. Following the completion of the sale, the insider owned 81,436 shares in the company, valued at approximately $59,569,619.64. This trade represents a 2.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Akira Takata sold 1,500 shares of SiTime stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $860.86, for a total value of $1,291,290.00. Following the completion of the sale, the director owned 12,234 shares in the company, valued at approximately $10,531,761.24. This represents a 10.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 69,709 shares of company stock worth $50,230,546 over the last three months. 1.40% of the stock is owned by corporate insiders.

SiTime Trading Down 6.0%

SITM stock opened at $491.10 on Wednesday. The firm's 50-day moving average price is $659.74 and its two-hundred day moving average price is $517.34. SiTime Corporation has a 12-month low of $186.49 and a 12-month high of $901.81. The stock has a market capitalization of $12.97 billion, a price-to-earnings ratio of -486.24 and a beta of 2.91.

SiTime (NASDAQ:SITM - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, topping analysts' consensus estimates of $1.14 by $0.30. The company had revenue of $113.57 million during the quarter, compared to analyst estimates of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. SiTime's revenue for the quarter was up 88.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.26 earnings per share. Equities analysts predict that SiTime Corporation will post 3.23 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on SITM shares. The Goldman Sachs Group restated a "buy" rating and issued a $800.00 price objective on shares of SiTime in a report on Thursday, May 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of SiTime in a report on Friday, July 17th. Zacks Research downgraded shares of SiTime from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. Needham & Company LLC boosted their price target on shares of SiTime from $450.00 to $850.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Finally, Wall Street Zen raised SiTime from a "hold" rating to a "buy" rating in a research note on Sunday, July 12th. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, SiTime has an average rating of "Moderate Buy" and a consensus price target of $661.88.

SiTime Profile

SiTime Corporation is a fabless semiconductor company specializing in silicon timing solutions that leverage micro-electromechanical systems (MEMS) technology as an alternative to traditional quartz crystals. Its portfolio of programmable oscillators, resonators, clock generators, jitter attenuators and network synchronizers addresses precision timekeeping requirements across a wide range of electronic systems. By integrating MEMS resonators with advanced mixed-signal control circuitry, SiTime's products offer enhanced reliability, resistance to shock and vibration, and a smaller footprint compared with conventional quartz devices.

The company's timing devices serve diverse end markets, including telecommunications infrastructure, data center and enterprise networking, consumer electronics, automotive systems, industrial automation, and aerospace and defense applications.

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